Local News

China and Grenada signs memorandum of understanding

ST. GEORGE’S, GRENADA, Friday, December 18, 2009: The Government of Grenada and the People’s Republic of China on Friday, December 3rd 2009, signed three (3) instruments pursuant to the Memorandum of Understanding (MOU) signed on January 20, 2005 between the two Countries.  The MOU in 2005 addressed the normalization of relations as well the implementation of Economic and Technical Cooperation Agreements signed on subsequent dates.

The first instrument of December 3rd 2009 – a Certificate of Acceptance in respect of a grant of US$1.0M for 2009 – was signed by the Hon. V. Nazim Burke, Minister of Finance for and on behalf of the Government of Grenada and H. E. Zhang Wanhai, Ambassador of China for and on behalf of the Government of the People’s Republic of China.

The remaining two (2) instruments were signed by Mr. Mike J. Sylvester, Deputy Permanent Secretary, Ministry of Finance and Mr. Zhang Peng, First Secretary, Economic and Commercial Office, Chinese Embassy in Grenada. 

These instruments were banking agreements on accounting procedures between the Ministry of Finance of Grenada and China Development Bank for implementing the Economic and Technical Cooperation Agreements between the Government of Grenada and the People’s Republic of China signed on December 30, 2008 and June 17, 2009, respectively. The two agreements combined provide for gratuitous aid of RMB100.0M (approx. US$14.6M) to be used for projects to be agreed upon between the two Governments, including affordable housing for Grenadians.

In thanking the Government of the People’s Republic of China (PRC), Minister Burke expressed pleasure at the signing saying:  “The imminent release of these funds is timely as Government completes a very challenging fiscal year”. 

He assured Ambassador Wanhai of Grenada’s commitment to strong economic management and reaffirmed the value Grenada places on its strong and progressive relations with PRC.  

The signing ceremony was witnessed by the Officials of the Ministry of Finance and the Embassy of the People’s Republic of China in Grenada.

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